First American Bank Mortgage Rates, Fees & Info

FORT DODGE, IA

LEI: 254900M4B0023V82HA40

Tax ID: 42-1174407

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First American Bank is a smaller bank specializing in Home Purchase loans. First American Bank has a high proportion of conventional loans. Their top markets by origination volume include: Naples, Des Moines, Ames, North Port, and Cape Coral among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First American Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First American Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    51

    Origination Dollar Volume (All Markets)

    $36,735,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 21 $30,805,000 $1,466,905 $10,113 4.69%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 12 $2,860,000 $238,333 $1,346 4.84%
    AMES, IA (FHA|USDA|VA) 6 $1,170,000 $195,000 $1,028 4.99%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $695,000 $695,000 $6,542 4.88%
    Outside of Metro Areas 3 $395,000 $131,667 $985 4.96%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $300,000 $150,000 $3,442 4.50%
    PANAMA CITY, FL (FHA|USDA|VA) 1 $255,000 $255,000 $1,823 4.58%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.00%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 2 $90,000 $45,000 $262 5.44%
    Fort Dodge, IA (FHA|USDA|VA) 2 $70,000 $35,000 $677 5.56%
    First American Bank's top markets include Naples, Des Moines, Ames, North Port, and Cape Coral among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST AMERICAN BANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FINANCIAL PLUS Credit Union
    Similarity Rank: 63
    Raccoon Valley Bank
    Similarity Rank: 145
    Luana Savings Bank
    Similarity Rank: 253
    Community Choice Credit Union
    Similarity Rank: 255
    Peoples Bank
    Similarity Rank: 380
    Fidelity Bank
    Similarity Rank: 388
    NEAL COMMUNITIES FUNDING, LLC
    Similarity Rank: 468
    Premier Credit Union
    Similarity Rank: 469
    GREATER IOWA CREDIT UNION
    Similarity Rank: 480
    I. H. MISSISSIPPI VALLEY CREDIT UNION
    Similarity Rank: 640

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 51 $36,735,000 $720,294 $5,670 4.84%

    For 2019, First American Bank's most frequently originated type of loan was Conventional, with 51 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $33,935,000 $870,128 $7,516 4.82%
    Refi 10 $2,040,000 $204,000 $1,138 4.79%
    Other 2 $760,000 $380,000 $2,491 5.43%

    For 2019, First American Bank's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 25 $18,505,000 $740,200 $5,105 4.59%
    5 Year 11 $765,000 $69,545 $440 5.38%
    30+ year 7 $15,935,000 $2,276,429 $13,691 4.60%
    Other 6 $770,000 $128,333 $469 5.02%
    10 Year 1 $755,000 $755,000 $0 5.25%
    1 Year 1 $5,000 $5,000 $212 5.38%

    For 2019, First American Bank's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was 5 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 32 $18,600,000 $581,250
    $1k-2k 7 $15,935,000 $2,276,429
    $2k-3k 1 $145,000 $145,000

    First American Bank's average total fees were $5,105, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 32 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 36 $33,390,000 $927,500
    5-6% 13 $2,275,000 $175,000
    3-4% 2 $1,070,000 $535,000

    During 2019, First American Bank's average interest rate for loans was 4.59%, while their most frequently originated rate bucket for loans was 4-5%, with 36 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 14 $700,000 $50,000 $418 5.23%
    $1MM+ 9 $23,835,000 $2,648,333 $16,013 4.50%
    $200k-400k 9 $2,755,000 $306,111 $2,069 4.67%
    $600k-1MM 9 $6,585,000 $731,667 $4,946 4.65%
    $100k-200k 7 $1,155,000 $165,000 $2,310 4.96%
    $400k-600k 3 $1,705,000 $568,333 $4,663 4.81%

    2019 saw First American Bank place emphasis on $100,000 or less loans with 14 originations, totaling $700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 12 $18,240,000 $1,520,000 $9,193 4.54%
    $100k-150k 6 $2,350,000 $391,667 $2,738 4.87%
    $50k-75k 5 $1,245,000 $249,000 $2,180 5.00%
    $50k or less 5 $2,105,000 $421,000 $3,168 4.70%
    $75k-100k 5 $785,000 $157,000 $1,470 5.07%
    $150k-250k 4 $1,690,000 $422,500 $4,509 4.62%

    First American Bank lent most frequently to those with incomes in the $250k+ range, with 12 originations. The second most popular income band? $100k-150k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 8 $8,230,000 $1,028,750 $5,419 4.87%
    50-60% 7 $5,115,000 $730,714 $5,424 4.62%
    >60% 7 $4,455,000 $636,429 $4,957 4.66%
    <20% 6 $2,310,000 $385,000 $2,668 4.48%
    36% 2 $30,000 $15,000 $212 5.38%
    30-36% 2 $210,000 $105,000 $742 5.00%
    40% 1 $3,025,000 $3,025,000 $20,813 4.63%
    41% 1 $35,000 $35,000 $262 4.75%
    46% 1 $2,735,000 $2,735,000 $18,209 4.63%
    49% 1 $195,000 $195,000 $1,133 4.99%

    First American Bank lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 50-60%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 30 $19,500,000 $650,000 $4,245 4.84%
    Not provided 9 $14,385,000 $1,598,333 $10,858 4.55%
    Not applicable 10 $1,980,000 $198,000 $0 5.24%
    Asian 1 $725,000 $725,000 $1,333 3.63%
    Chinese 1 $145,000 $145,000 $4,637 4.63%

    Approval Rates

    Total approvals of all applications
    87.50%

    First American Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    62.75%

    First American Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 51 $36,735,000 $720,294

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $1,130,000 $565,000
    Single Family (1-4 Units):Site-Built 49 $35,605,000 $726,633

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $3,255,000 $651,000 $3,492 4.75%
    40-60% 10 $11,330,000 $1,133,000 $9,365 4.77%
    60-80% 14 $13,890,000 $992,143 $7,997 4.64%
    80-100% 16 $7,800,000 $487,500 $4,153 4.86%
    Under 20% 6 $460,000 $76,667 $430 5.44%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    First American Solutions, LLC VA mortgage Closing on a mortgage 1 100.0%